header-logo header-logo

12 August 2020 / Jonathan Kirk KC , Thomas Samuels
Issue: 7899 / Categories: Features , Financial services litigation
printer mail-detail

The Financial Ombudsman Service: Cause for concern?

25793
The Financial Ombudsman Service: a matter of principle, ask Jonathan Kirk QC & Thomas Samuels

In brief

  • In May 2020, HHJ Dight CBE handed-down his long-awaited decision in Adams v Options SIPP UK LLP [2020] EWHC 1229.
  • The disparity between the analysis and outcome in that decision and the approach to similar complaints made to the Financial Ombudsman Service, is a cause for concern in a heavily-regulated financial services sector.

In Adams v Options SIPP UK LLP [2020] EWHC 1229, [2020] All ER (D) 136 (May) in around February 2012, Mr Adams, a self-employed road haulage contractor, wanted to review his existing personal pension arrangements. He therefore responded to an online advertisement placed by CLP Brokers Sociedad (CLP), which referred to better returns on your pension through investments offered by them. CLP advised Mr Adams that an investment in store pods, from Store First Limited held in a self-invested personal pension (SIPP) would improve the performance of his pension. Accordingly, he transferred his existing provision

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Shakespeare Martineau—Marie Bourke

Shakespeare Martineau—Marie Bourke

Shakespeare Martineau strengthens Sheffield regulatory practice with new hires

Sackers—Louise McRae & Annabella Hwang

Sackers—Louise McRae & Annabella Hwang

Sackers recruits new associates

McHale & Co—Shaun Little & Patrick Byrne

McHale & Co—Shaun Little & Patrick Byrne

Firm bolsters senior team with head of corporate and head of employment

NEWS
A wide-ranging Civil Way column highlights developments from insolvency procedure to employment law, but one case stands out for its lessons on bankruptcy, family homes and digital communications
A sprawling Intellectual Property Office battle between House of Fraser and Frasers Property has delivered a masterclass in modern trade mark law
Courts in England and Wales and Singapore are increasingly confronting complex disputes over international child relocation as families become more globally mobile
The government’s long-awaited family law reform consultation could mark a turning point for domestic abuse victims navigating financial remedy proceedings, but significant challenges remain
A new commercial court pilot giving the public access to documents used in hearings, including expert reports, is raising difficult questions about transparency and privacy
back-to-top-scroll